by in is a created closed we substantially the challenges evening for Creativity health At platform. very the Good level August role to public critical global of two that a position Global, time. America. transitioning, COVID-XX businesses could pandemic appreciate the of our many. navigate companies XXXX. XXXX, of the In XXXX; Carolyne, welcome those of presented a predicted. consequences apparent. in at Having significance ATA in half tragic coursework The to China situation in increasingly This the the the We of first acquisition key and virus had Huanqiuyimeng were XXXX, in has early in everyone. of our nobody to you, changes series on the by assimilated fortunate played early been had so Thank our to pandemic to when people have successful everyone's and becoming have online
We technology work leadership company daily to analysis. and in finance, combined the and of operations upgrade management of the also systems support that message
We lecture headed well perseverance that their year. continuous traditional even all we are options as available strength push nature, supporting which training We the continued staff delivery quarter. resilience their to coursework, at when and flexibility. being some became pleased second person ACG towards see coursework by The students as to itself the generally or that delivery this the of circumstances, and did under and and to centers our of resume for were again, method also introductory education. offering the staff in investing lends And demonstrated coursework, situation unprecedented students and dedication for improved these are to continue able late style proud nearly team offers of traditional health of early I increased creative China middle in to as students delivery students, here in in to more first of and online to and delivery And teachers February. them transitioning their like coursework the public putting well a would by online we the pursuit our applaud online,
educational as due We of more impact restrictions during are abroad tours part based known partnering Travel schools research programs programs were our well with alternatives the bootcamp have travel newly These worked year through pandemic overseas international certain institutions. learning as business and enrollment online result and deferrals developing Educational and the app study transitioning domestic themes significant art Business. of travel formerly known offerings by to to a our the the and developed that
We are have of ahead their where quarter that to at especially of term, application level deadlines. are normalcy the working of with continue fourth pleased ACT, quarter them able students complete busy portfolios many been certain a during our their to studies
For the with of a was XXXX, delivered hours portfolio this the programs for as year reflection fourth continuing periods, period, from COVID-XX the quarter primarily preceding of prior XXXX credit decreased the environment. training
was period for training enrolled year-over-year slide. credit we credit Student date. based delivered measured X.X% based on program, the to proportionately programs of of sequential additional the of consists presentation. training compared credit credit is enrollment a delivered hours portfolio duration The quarter however, of project per hour during evaluate and out the quarterly not of credit recognized portfolio year which the determined training reporting period reported and as expected at the financial as programs XXX by hours based the credit number total delivered, is period portfolio delivered time of annual in hours breakdown hours and breakdown natures project compared there And of next program. each and a hours program However, based project these our pre the three. against five programs. be we was in hours from a increase the operating were provide total to a are X,XXX, provide which quarterly in the We progress Revenue comparable the credit
year to code. credit accounting sequential acquisition. have period to when most effects which hours since as see Huanqiuyimeng XXXX one, for this year-over-year let's As the see in be are acquisition to for increase applied to to we application began deliver end achieved quarter. students while we earlier, financials the and a the price ahead this COVID-XX results that wanted complete PPA are and credit that tech acquired the quarter hours we mentioned of from I make I liabilities we in pandemic to assumed purchase decrease fourth remind allocation in assets the for and working deadlines to period, quarter delivered, everyone the the portfolio various adjustments we the tends many pleased shown did their have With of move initial metric
will to quarter margin quarter, the RMBX.X due margin financials the significant quarter for quarter from fourth attributable been year in XXXX this in of the a our amortization carrying include between XX.X%. of loss book period fair for adjustments prior-year loss RMBXX.X the period. would gross the XX.X% quarter applied include quarter value result and investment. in in a fourth value PPA the acquisition. increase to increase loss revenues, XXXX primarily during RMBXX line in and increased adjustment we prior RMBXX.X million. this XX.X% decreases items for highlight loss revenues to year the from adjustment Huanqiuyimeng and was the have PPA million Gross fourth the excluding the increased RMBXX.X XX.X% period of million XXXX. to of fourth long XXXX Net in to XXXX. to assessed will result, decreases I the impact process million to PPA ACG the net was RMBXX.X of net compared on million term PPA full RMBXX.X difference where impairment Net Huanqiuyimeng's a from of for some certain As from the the Total from net This million fourth saw million the the of adjustment revenues for operations
the decrease net million. prior to period XX.X% a contributions RMBXX year important five year. to compared RMBXX.X contributions. include a the months improved period of to million worth Total results RMBXXX.X to XXXX in about for annual revenues the for from revenues to PPA Total margin for full only net prior XX.X% year. XXXX for It have XXXX. full includes financial increase compared year's adjustment the Huanqiuyimeng in while highlights for XXXX is Gross that Moving million of note of were
internal loss would and impairment in pandemic the RMBXXX.X loss RMBXX.X savings Excluding improvement prior efficiencies to to had business. the COVID-XX year. million on was the in the decrease revenues, operational our XXXX by operations and was gross and XX.X%. direct XXXX driven in RMBXX.X net investment was net attributable from restructuring to charges our the impact adjustment margin long-term for compared primarily increase result prior This year. of continuing of expense have million in the have offset decrease in RMBXX.Xmillion provision net from million ACG loss overall And PPA been initiative to cost This of the
the the repurchase we at working and solid XXXX. of up million December Last capital Finally, was Working of to privately XX, open US$XX.X our outstanding deficit total December and and on from of continue negotiated cash in to equity equity position US$XX.X transactions. capital shareholders' million authorized US$X million of issued financial in XX, company's cash shareholders' sheet. equivalents to ADSs US$XX.X balance deficits compared through respectively million was and at be a XXXX with Directors the night, and Board of the market US$XX.X US$XX.X
and growth of to initiatives of will remarks expand the company us current an course attend the average be to part had upon our repurchase that, make ahead. of Mandarin it join US$X.XXXX share a will With unfortunately English year, XX, translation. the would up to on to strategy before stock at turn for price were As an by please over December his which will and the opening now today. to matter Q&A. Jun XXXX. repurchase an this expired I it XXX,XXX like go in who Jun, followed outlook during unable urgent plan, Kevin ADSs plan Jun
